Security professional Richard Wright signed up his company Wright Guard as soon as he heard about the Bristol pound, hoping it would help him fight back against encroaching security giants.

"I'm Bristol born and bred, and I always want to support local businesses," he told AFP. "I'll want to keep the Bristol pound flowing."

The notes feature symbols of local pride, from 19th century religious writer Hannah More to the Concorde aircraft, partly developed in Bristol, and images of the St Paul's Carnival Caribbean street festival.

Evoking a long history of dissent, one side of the £5 note shows a tiger writing on a wall in graffiti: "O Liberty!"

Other British towns have launched local currencies, but Bristol, home to half a million people, is the first big city, and its scheme is ambitious.

Businesses can pay local taxes in Bristol pounds and the council has offered its 17,000 staff the option of receiving part of their pay in the currency.

Mundy's team - funded initially by grants - have designed an electronic system for payments by text message, plus what they say are forgery-proof notes.

Stores selling products from cider to skate shoes said they were considering joining the scheme, which Mundy believes will have a tangible economic effect.

"Eighty percent of the money leaves the area if it is spent with a multinational - but 80pc stays if it is spent at a local trader," he said.

Such localism might seem strange in a city that grew to prosperity as an international port and is now a centre for aircraft manufacture.

But Bristol is also a left-wing haven with an activist tradition. The People's Republic of Stokes Croft, an urban renewal group, made headlines last year with a campaign that became a riot in protest at the opening of a Tesco supermarket.

They have greeted the Bristol pound warmly.

"We need to run things from the bottom up and from the grassroots, so that people have control over how things happen where they live," said spokesman Chris Chalkley.

But Louisa Jones and Joh Rindom, co-owners of Stokes Croft vintage clothing store Shop Dutty, thought the scheme would just add to their administrative burden.

"We're sceptical that having a micro economy within a macro economy is a bit backward," Rindom said.